We may not be comparing real apples and oranges, but we’re coming pretty close in the home financing industry. And if you’re at all interested in using your home’s equity to access cash, then this comparison is for YOU! There are two common ways to get cash from your home—a Home Equity Line of Credit (HELOC) or a cash-out refinance. In the current environment, many people want to keep the great interest rate they already have on their home loan, so they automatically choose a HELOC over a refinance. But wait—there’s a big difference that can make the benefits hard to compare at a glance. HELOCs have adjustable...READ MORE
For the Week Ending January 11, 2019 Please enjoy this quick update on what happened this week in the housing and financial markets. The government shutdown, in its third week, hasn't yet shown signs of affecting the economy. However, it has impacted some mortgage programs like USDA. After a dismal December, stocks are rebounding, helped in part by progress in U.S./China trade talks. These improvements have pressured mortgage rates. Although recent...READ MORE
The Monmouth County, NJ First Time Homebuyer Assistance Program is designed to provide financial assistance to low income families to purchase an affordable home in the form of a deferred payment second mortgage loan in an amount not to exceed $10,000 for down payment and closing costs (only). PROGRAM DETAILS & ELIGIBILITY MUST BE a resident of Monmouth County for 1 YEAR before applying for a grant. ALL applicants must complete a pre-purchase housing counseling course and provide a certificate of completion with the First-Time Homebuyer application. MUST BE an individual(s) that never owned a home (except if an applicant...READ MORE
For the Week Ending January 4, 2019 Please enjoy this quick update on what happened this week in the housing and financial markets. December's private payroll saw its biggest monthly increase in nearly 2 years, suggesting sustained strength in the labor market despite ongoing financial market volatility. Weak performance and volatility in stocks have driven investors to the safety of bonds. As yields fall, mortgage rates are likely to drop along with them....READ MORE
Over the past few years, two trends have emerged in the housing market: Home renovations have shot up Inventory of homes available for sale on the market has dropped A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors , we are currently at a 4.4-month supply. This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners to instead renovate their homes in an...READ MORE
In 2017 and 2018, Greenway Mortgage was awarded Best Mortgage Company in Monmouth County, NJ by the Asbury Park Press' Reader's Choice Awards.